Long-term rates stayed in their new range last week, only about 0.20 percent above the July-September one. New economic data do not show acceleration in the U.S. economy, not in any element. Maybe slowing, but certainly not accelerating. Nevertheless, more rate-hike smoke is drifting near the Fed. Remember on pool day at elementary school following schoolmates up the ladder to the high board, the first in front of you disappearing over the end, usually the class daredevils? And then your turn, walking out onto the plank and looking down? The sudden visceral desire to drop to your knees and crawl back to the ladder? Several years later, climbing the north face of Quandary Peak on a lark, hung over from the campsite party, climbing un-roped and wandering on un-marked route came the sudden thought...what are we doing up here, wherever we are? Better to down-climb, always more dangerous than even ill-advised ascent? Or press on? Central bankers all over the world are re-...
- Central bankers all over the world are re-deploying, all except our Fed still confronted with weak economies beyond self-sustenance.
- The U.S. economy is OK, and some old, reliable signs flash signals that extreme ease is overdone.
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